A nearly one-acre beachfront plot in Miami Beach recently sold to a Chinese partnership for $38.5 million.

Peebles Corporation sold the property, saying it wanted to focus on the Northeast.

The partnership intends to build either a 60 unit luxury apartment building, or a 150 room high-end hotel.

A Chinese construction company partnership has just purchased a rare gem of scarce beachfront land for a high-rise development for a cool $38.5 million. The property, one of the last plots available on red-hot Miami Beach, has a storied history. The piece of beach, which was sold by Peebles Corporation, had been on the market since August.